BSMG Blog: Protecting the Future of Families and Businesses

Section 1035 Exchange of Life Insurance with Policy Loans

IRC Section 1035 allows Tax-Free Exchanges of life insurance policies in a gain position (i.e. gross cash value greater than adjusted cost basis) so that cash values can be easily transferred to more financially efficient policies. Sometimes greater death benefit and/or lower premium can result from the exchange in addition to desirable contract guarantees.

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John Hancock announces New Protection IUL – Increased Pricing

Effective March 4th, 2022 John Hancock Protection IUL (2021) contract will be replaced with Protection IUL (2022).  Based on our initial testing, the pricing is increasing with most designs and ages. 

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National Guardian Life - Product Enhancements and Pricing Changes to EssentialLTC

**RELEASED BY National Guardian Life**

A product that can now do more

We have been listening to your feedback and are excited to announce your suggestions were used to enhance EssentialLTC! The changes are geared toward making it easier to sell, and the new features will allow you to offer your clients a product that can do more.

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John Hancock - Changes to product offerings in New York

John Hancock has long maintained separate products and processes for the New York market where they operate as the John Hancock Life Insurance Company of New York and serve approximately 180,000 customers. This approach generally serves all stakeholders well, but the separate products and processes create a level of complexity and inefficiency. After a thorough review of their new business activities, they've made the difficult choice to reduce their product portfolio in New York and will no longer offer the following products for sale:

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Lincoln VUL One & SVUL One (2019) Reprice

Effective February 16, 2021 and in conjunction with the launch of Lincoln VULONE (2021) and Lincoln SVULONE (2021), Lincoln is announcing pricing updates on the current Lincoln VULONE (2019) and Lincoln SVULONE (2019) to align with the 2021 product pricing.

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Coming Soon – Lincoln MoneyGuard Market Advantage (VUL)

Effective February 16, 2021, Lincoln will introduce the next generation in long-term care planning and expand its MoneyGuard portfolio with the launch of Lincoln MoneyGuard Market AdvantageSM, pending state and firm approvals. Lincoln MoneyGuard Market AdvantageSM is a variable universal life insurance policy with a long-term care rider.

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Coming Soon – Lincoln VULONE (2021) and Lincoln SVULONE (2021)

Our new Lincoln VULONE (2021) suite launches on February 16! It’s the same Lincoln VULONE you’ve always relied on, now with more options. You can continue to offer guaranteed lifetime death benefit protection with market-driven growth potential, while also offering options that can reduce cost and increase your cash value and death benefit protection.

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I'd Sell More Life Insurance If...

If you've ever found yourself thinking something that starts like this, "I'd sell more life insurance if...", you are not alone. In 2016, we conducted an online survey of insurance and financial professionals that focused on the state of advisor relationships and decision-making criteria regarding their Brokerage Agencies. Hoping to get a better understanding of some of the road blocks insurance advisors face, we asked them to finish the statement "I'd sell more life insurance if..." Below is a compilation of the most common responses we received, coupled with key ways other financial professionals are successfully addressing these road blocks.

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Tactics & Talking Points to Introduce a Policy Review



It is a common misconception by consumers that once a life insurance policy is purchased they can "set it and forget it."

Has your life changed in the last five years, how about the last two years? I don't need to tell you how quickly life can change. Your client's lives are also continually evolving, so shouldn't their life insurance protection be reviewed to match? Use these life insurance sales tips to keep in touch with your clients and ensure their current policy still matches their needs.

Life is busy, your clients may (or may not) be aware that they need to update their policy coverage. They also may not have the time to research new products or even to pick up the phone to call you for help. Be proactive and check in with your clients. Do they have a new career, business, child or home? The simple question of "when was the last time someone reviewed your policy?" may be all you need to open the door.

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How Successful Insurance Agents Approach Small Business Owners

Check out these tips on approaching small business owners for insurance agents & advisors.

Small business owners respond well to an approach that includes educational information and planning for their future success. They feel their business is unique. If you can teach them something new, they will be more open to meeting with and listening to you.

“Tell me what you’ve done for other small business owners and why it is right for me.”

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